N20,000 Cash Withdrawal, N200 ATM Notes: Five New CBN Policy That Affects Nigerians

The maximum cash withdrawal via the point of sale terminal shall be N20,000 daily.” The CBN disclosed that in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits would be required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organisations, respectively.

The maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The maximum cash withdrawal over the counter by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively.

), on Wednesday, November 23, 2022, and in line with the cashless policy of the CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following: “1.

It also pegged weekly withdrawal from banks (over the counter) at N100,000 and N500,000 weekly for individuals and corporate organisations respectively.

The CBN also said banks were required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose: “a.

Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department.

Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist.

It added that it shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements..

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